Reserve Bank of India (RBI) has imposed a penalty of Rs1.49 crore on IDFC First Bank Ltd and LIC Housing Finance Ltd (LICHF) for violating various rules and regulations prescribed by the regulator. The highest penalty of Rs1 crore lakh has been imposed on IDFC First Bank for non-compliance with directions issued by RBI on loans and advances – statutory and other restrictions.. IDFC First Bank’s statutory evaluation revealed that the lender had sanctioned term loans to a public sector undertaking (PSU) for financing infrastructure projects without undertaking due diligence on the viability and bankability of the projects to ensure that revenue streams from the projects were sufficient…
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RBI Slaps Rs1.49 Crore Penalty IDFC First Bank and LIC Housing Finance for Non-compliance
